Laval condo sellers saw the value of their properties jump on the Montreal region’s biggest March buying binge in five years, the Greater Montreal Real Estate Board reported.
“Some first-time buyers purchased their home a bit sooner, wanting to get in before the cost of mortgage load insurance increased, March 17,” GMREB chairman Daniel Dagenais said in a statement.
“This might have slightly inflated the results for March, but the sustained increase in sales in the higher price ranges shows that it is mostly experienced buyers who are setting the tone,” he conjectured.
The median price for a Laval condo jumped 12 percent to $227,250 last month, compared to $203,000 in March 2016. The price rise accompanies a corresponding 12 percent increase in condo sales, both for the month of March as well as for the first quarter.
The price hike offset lower prices earlier this year, leaving Laval condo prices virtually unchanged during the first quarter of 2017, as against the same period a year ago.
Single-family home median prices continued their existing upward trend in March, rising nine percent to $315,000, on five percent higher sales volume.
Meanwhile, the volume of condo sales in neighbouring North Shore communities soared a stratospheric 35 percent in March, which witnessed 72 percent more condos sold than in Laval. North Shore median condo prices remained flat, though, holding steading at $173,500 in March. Single family home prices there rose five percent, on a 12 percent increase in sales. The stellar March sales pushed North Shore condo sales up 17 percent for the first quarter, though median prices remain down one percent compared to the first quarter of 2016.
Montreal median condo prices reached $290,000 in March, a four percent lift to from last year, thanks to an 18 percent increase in sales. Single-family home prices there jumped 14 percent to $444,000 on a nine percent sales bump. That translated into a three percent condo price increase for the first three months of 2017 over the first quarter of 2016; with single-family prices up nine percent. Quarterly condo sales, conversely, shot up 15%, with single-family rising by three percent, from January to March.